Mortgage division of Top 25 US Bank
- Fragmented processes in underwriting
- Poor loan tracking mechanism leading to delay in underwriting.
- Lack of Change Management process leading to non-adherence to changing underwriting guidelines and poor-quality loans
- Intelligent work Distribution
- Critical high skilled work to onshore
- Lower skilled work offshore
- Examples of offshore work
- Basic calculations
- Ordering and tracking documents
- Review and indexing documents.
- Reengineered processes to streamline handoffs/ interfaces with different departments/ groups.
- All underwriting request/queries channeled to a dedicated mailbox for quicker escalation and query handling.
- Implemented Change Management procedure to ensure adherence to changing regulations so loan quality improved.
- 14% improvement in underwriting quality
- Reduced turn time for underwriting approval.
- 40% lower operating cost